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Prudential ISA

Combines tax-efficient investment with access to PruFund funds and a range of Open-Ended Investment Company (OEIC) funds.

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Key documents
Investment solutions

Access to Prudential's Multi-Asset PruFund range, and Prudential's Multi-Asset Risk Managed Active and Passive OEIC fund ranges

Tax efficient growth

There's no Income or Capital Gains Tax to pay on growth within the ISA

Tax efficient withdrawals

Full, partial and regular withdrawal options with no Income tax payable on withdrawals

About the Prudential ISA

A Stocks and Shares Individual Savings Account

  • Managed for Pru by our partner Waystone Financial Investments Limited (WFI).
  • WFI are the ISA Plan Manager and have all legal and regulatory responsibilities in relation to the management and administration of the product.
  • If your client takes out a Prudential ISA they'll have a contract with WFI and all correspondence will be from them.
  • It's a digital product, therefore your client must provide their email address when applying for the product, and register for online access to ensure they can access their important documents.

Eligibility criteria

  • Minimum age: 18 years
  • Maximum age: no upper age limit
  • UK resident for tax purposes.
  • If your client is a Crown employee who is serving overseas, or married to, or in a civil partnership with, a Crown employee they may also qualify under the ISA regulations.

Features

  • Tax-efficient growth – no Income or Capital Gains Tax to pay on growth within the ISA.

  • PruFund funds – access to a range of seven PruFund funds provided through Life Insurance Policies by The Prudential Assurance Company Limited.

  • OEIC funds – access to a range of five Active and five Passive Risk Managed OEIC funds designed to meet different investment objectives and attitudes to risk, provided by Waystone Management (UK) Limited through a co-manufacturing and sponsorship agreement with Prudential Distribution Limited.

  • Regular payment options – invest from as little as £50 per fund by monthly Direct Debit, and be collected on any day between 1 and 28 of the month.

  • Single lump sum payment options – invest from as little as £500 per fund, £250 if topping up an existing fund holding, which can be paid by bank transfer or cheque.

  • Transfer existing ISAs – transfer existing Cash and Stocks and Shares ISAs, with low minimum investments of £500 per fund, £250 it topping up an existing fund holding.

  • Regular withdrawal option – regular withdrawals of £50 per fund which can be paid monthly, quarterly, half-yearly or yearly on 5 or 20 of the month.

  • Full and partial withdrawal options – access money when required, with minimum partial withdrawals of £250 per fund.

  • Freedom to transfer – ability to transfer to another ISA provider at any time.

  • No fixed term – so your clients can invest for as long as they want.

Risks

  • Flexible ISA rules – the Prudential ISA isn't a flexible ISA, therefore your client won't be able to withdraw money and replace it within the same tax year without affecting their ISA allowance.

  • Regular withdrawals – a minimum of £500 must be maintained for any fund paying regular withdrawals. If a regular withdrawal were to take the value of the fund below £500 the regular withdrawal wouldn't be paid from that fund, therefore the amount paid to your client may be less than expected or they may not receive the regular withdrawal at all.

  • Transfer from another ISA provider – transfers to the Prudential ISA are normally paid as cash from the transferring ISA provider. This means your client will be out of the market between the point their existing funds are sold and transferred and when the transfer is invested in their Prudential ISA.

  • Tax treatment – although ISAs currently enjoy favourable tax treatment, it’s possible this could change in the future.
  • Delays to full and partial withdrawals and transfers out – if invested in PruFund funds, there may be circumstances where the selling of these funds may have to be delayed to protect the With-Profits Sub-Fund, and therefore the interests of all its with-profits policyholders and shareholders. Further information can be found in the Master Insurance Agreement (Customer version).

  • Value of investments - the value of your client’s investments could go down as well as up. They may not get back what they have paid in.

  • Impact of inflation – inflation will affect the value of the money your client gets back.

  • Charges – if the total of charges and costs are higher than the investment growth, your client's plan will fall in value. Charges may also increase in future.

  • Cash account or cash investment – your client won't have access to a Cash Account or a Cash type investment, therefore their money will remain invested whilst it's held in their Prudential ISA.

Investment options

The Prudential ISA offers access to the PruFund range of funds, our range of globally diversified, expertly managed multi-asset solutions. Your clients can also access Risk Managed Active and Risk Managed Passive OEICs provided by Waystone Management (UK) Limited through a co-manufacturing and sponsorship agreement with Prudential Distribution Limited.

PruFund

Our range of globally diversified, expertly managed multi-asset solutions, offering the potential for growth. Their established smoothing mechanism aims to provide clients with a less volatile investment experience.

PruFund Growth
  • Aims to maximise growth
  • Currently invests in UK and International equities, property, fixed interest securities, index-linked securities and other specialist investments.
More Information
EGR & UPA
PruFund Cautious
  • Aims for steady and consistent growth through a cautious approach to investing
  • Currently invests in UK and international equities, property, fixed interest securities, index-linked securities, cash and other specialist investments
  • We may occasionally move outside this range to meet the fund objectives
More Information
EGR & UPA
Risk-managed PruFunds
  • Five Risk Managed PruFunds
  • Each fund is designed to suit different attitudes to risk and reward
  • The funds aim to meet volatility ceiling limits, allowing us to manage their risk profile over time and align it closer to your clients risk assessment
More Information
EGR & UPA
Key Information Documents
Prudential ISA KIDs

Risk Managed OEICs

The risk-managed OEIC range of funds aims to achieve the right mix for your client’s portfolio with a balance of cost, investment styles and a choice of five risk levels.

There are two ranges: Risk-Managed Active and Risk-Managed Passive.

Useful documents

If you require any further information you'll find it here

Charges & costs

The Annual Management Charge (AMC) is taken for looking after your client’s investments in their Prudential ISA:

  • PruFund funds – each PruFund fund available in the Prudential ISA has its own AMC which is taken by deducting a percentage of your client’s PruFund units each month. A discount may apply to your client’s PruFund funds depending on the total value of PruFund funds held in their Prudential ISA. See Fund Size Discount section below for more information.
  • Risk Managed Active and Passive OEIC funds – the ongoing charge, which includes the AMC, is taken daily from the fund and is reflected in the fund’s daily price.

Further information on the charges and costs for each fund available in the Prudential ISA can be found in the Fund and Charges guide in the Key documents section above.

You should also refer to the appropriate Key Information Document and Investment Option Document which you can access in the PruFund range of funds part of the Investment options section above. 

For Risk Managed OEIC funds, you should refer to the appropriate Key Investor Information Document which you can find in the Risk Managed Active Funds and Risk Managed Passive Funds parts of the Investment options section above.

There are other costs which aren't covered by the Annual Management Charge. These can include, for example, maintenance costs for property investments and costs associated with investing in infrastructure, such as utilities, transport and renewable energy. These can vary over time.

Further information on the charges and costs for each fund available in the Prudential ISA can be found in the Fund and Charges guide.

You should also refer to the appropriate Key Information Document and Investment Option Document which you can access in the PruFund range of funds part of the Investment options section above.

For the Risk Managed OEIC funds, you should refer to the appropriate Key Investor Information Document which you can find in the Risk Managed Active Funds and Risk Managed Passive Funds parts of the Investment options section above.

We apply Fund Size Discounts on the Annual Management Charge (AMC) taken from PruFund funds held in your client's Prudential ISA.

The discount is calculated based on the total value of your client’s PruFund funds held in their Prudential ISA, and that discount applies to each of their PruFund holdings. 

The net AMC, after accounting for any Discount, is then applied to the value of each of your client’s PruFund holdings to calculate the number of units to cancel from each PruFund fund. The Discount, and the resultant AMC that is applied to each PruFund fund, is shown in the table below.

 

Total value of PruFund funds held in your client’s Prudential ISAFund Size DiscountResultant AMC

PruFund Cautious Fund

PruFund
Growth &
PruFund Risk Managed
1-5 Funds

£0

to

£99,999.99

0.00%

1.03%

1.06%

£100,000

to

£249,999.99

0.05%

0.98%

1.01%

£250,000

to

£499,999.99

0.10%

0.93%

0.96%

£500,000

to

£749,999.99

0.15%

0.88%

0.91%

£750,000

to

£999,999.99

0.175%

0.855%

0.885%

£1,000,000+

0.20%

0.83%

0.86%

 

For example:

If your client held £150,000 in their Prudential ISA, £100,000 in PruFund Growth and £50,000 in PruFund Cautious, we would use the £100,000 to £249,999.99 band from the table above which would give an AMC of 0.98% on their PruFund Cautious Fund and 1.01% on their PruFund Growth Fund.

The level and shape of Adviser Charging is agreed between you and your client.

There are two types of Adviser Charges that can be facilitated in the Prudential ISA:

  • Initial (Set-up) Adviser Charge:
    • on a regular contribution: deducted from a set number of regular contributions agreed between you and your client. The amount is deducted on receipt of the regular contribution with the balance paid into your client’s Prudential ISA*.
    • on a single contribution: deducted from the single contribution on receipt with the balance paid into your client’s Prudential ISA*.
    • on a transfer payment: deducted from the transfer payment on receipt with the balance paid into your client’s Prudential ISA and invested according to their investment instructions.
  • Ongoing Adviser Charge: taken at plan level, and deducted proportionately from each of your client’s investments in their Prudential ISA.

* This means only the amount invested in your client’s chosen investment(s) counts towards your client’s ISA allowance.

Please note there are maximum limits on the level of Adviser Charges that can be facilitated in the Prudential ISA. Find out more about Adviser Charging in the Fast Facts document for the Prudential ISA.

Tools

All calculators
ISA costs and charges Calculator

Use this calculator to crunch the cost and charges information on your client's proposed PruFund and/or Risk Managed OEIC investments to allow you to produce your MiFID II cost and charges disclosure.

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Inflation modeller

This modeller allows you to demonstrate the impact of inflation on your client’s investment and cash holdings over a set time period. It also demonstrates the overall returns achievable before and after inflation is taken into account.

Download modeller
Fund performance, factsheet and charting tool

Find out which funds we offer - together with fund factsheets, performance information and more.

 

 

Use tool

Support

The Prudential ISA and the Prudential ISA Online Services are provided by the ISA Plan Manager, Waystone Financial Investments Limited.

The Prudential ISA Online Services allows you to process the majority of ISA business online on behalf of your client without the need for sending a signed client declaration.

In the sections below, we detail if the process must be submitted online or through a paper application. Where a paper application is required, the completed and signed form can be scanned or photographed and sent to WFI at wtas-fsuk-businessadmin@waystone.com. 

If a process is online only, and your client does not fall under any exception scenarios detailed for the relevant process, the ISA Manager will reject any paper applications submitted and you will be required to then process the request through the online service.

All new Prudential ISA applications must be submitted through the online service, unless your client:

  1. has a power of attorney
  2. has a deputy appointed by the Court of Protection
  3. is resident overseas
  4. is switching (Bed and ISA) of WS Prudential Risk Managed OEICs held directly with Waystone Management (UK) Limited to a new Prudential ISA
  5. is transferring an Additional Permitted Subscription Allowance (APS) as part of a new Prudential ISA application


If a single contribution is being paid from the surrender of funds from your client’s Prudential Onshore Bond, see Important Information – Prudential Onshore Bond to Prudential ISA subscriptions below.

Important information – General
  • It is a mandatory requirement to provide your client’s email address as part of a new Prudential ISA application. Use of a non-client email address, e.g. your adviser email address or any email address not expressly authorised in writing by the ISA Plan Manager may result in the application being invalid.
  • The terms of the application require you, as the client’s financial adviser, to confirm as part of the application process a number of declarations in relation to the application, those declarations and processes meaning the ISA Plan Manager does not require a signed declaration from your client.
  • If you are applying for Prudential ISAs for a couple and they currently share an email address, different email addresses must be provided for each client. This is because each client is required to register for online access so they can access their important documents and the ISA Plan Manager can inform your client when those documents have been added to their document store.
Important information – Transfers
  • Full and partial transfers from the majority of Cash ISA Managers and full transfers from the majority of Stocks and Shares ISA Managers are electronically enabled. This means your client will not have to sign a transfer authority form.
  • Partial transfers from Stocks and Shares ISA Managers are not electronically enabled which means your client will need to sign a transfer authority form.
  • The online journey will determine if a transfer from a particular ISA Manager, based on the transfer details entered, needs a transfer authority signed by your client. If so, a pre-populated transfer authority form will be provided. It’s important this is downloaded, printed and signed by your client and sent back to the ISA Plan Manager. The pre-populated transfer authority form has a unique reference for the transfers and ensures the transfer paperwork and application can all be tied together to ensure a speedy transfer process.
Important information – Prudential UK Onshore Bond to Prudential ISA subscriptions

If your client is paying a single contribution to their Prudential ISA by the surrender of funds from their Prudential UK Onshore Bond, you MUST note the application reference provided and provide that along with the Bond surrender instruction. The application reference is provided at the end of the online application on the What happens next page and is shown in the following format: FA-3715A343CB.

The following must be updated online:

  • Registered address
  • Email address
  • Contact telephone details
  • Bank details

  • Setting up of a regular contribution
  • Paying in a single contribution
  • Transfer in from another ISA provider

These must be submitted online, unless your client:

  1. has a power of attorney
  2. has a deputy appointed by the Court of Protection
  3. is resident overseas


If a single contribution is being paid from the surrender of funds from your client’s Prudential Onshore Bond, see Important Information – Prudential Onshore Bond to Prudential ISA subscriptions below.

Important information – Prudential Onshore Bond to Prudential ISA subscriptions

If your client is paying a single contribution to their Prudential ISA by the surrender of funds from their Prudential UK Onshore Bond, you MUST note the application reference provided and provide that along with the Bond surrender instruction. The application reference is provided at the end of the online application on the What happens next page and is shown in the following format: FA-3715A343CB.

  • This process is not available online.

  • Set up or amend an existing regular withdrawal
  • Request a partial or full withdrawal

These processes must be submitted online. Offline paper application process is not available.

  • Start ongoing adviser charge
  • Stopping an ongoing adviser charge
  • Amending ongoing adviser charge

These processes must be submitted online. Offline paper application process is not available.

  • This process is not available online.

Other guides provided by the ISA Plan Manager.

Online support

Have you already registered for online access?

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Haven’t carried out business with Waystone before?

Send an email to prudential@waystone.com providing your adviser details (also requesting access to the new online service).

Do you have Prudential ISA customers but not yet registered for online access?

Contact Waystone on 0344 335 8936 (option 1, option 2). They'll then arrange for registration emails to be sent to you.

Prudential ISA Online Service - Support Staff Solution

The Prudential ISA Online Service provides a Support Staff Service allowing you to set up access for your Paraplanner / Admin Staff to act on behalf of advisers within your firm. Once access has been agreed and set up by the ISA Plan Manager, your authorised Support Staff users will be able to do everything an adviser can do through the Prudential ISA Online Service.

If the Support Staff Service is something you’d like to set up for your Paraplanner / Admin Staff please contact your Prudential Account Manager.

The ISA Plan Manager has produced a number of documents to help you understand what the service is and how it works, along with some handy FAQs to refer back to for guidance once the service has been set up. Use the documents listed to help discussions with your Prudential Account Manager.

Online services

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Online Services

The information provided is by Prudential Distribution Ltd, and/or M&G Wealth Investments LLP, Investment Funds Direct Limited, Prudential International Assurance and/or The Prudential Assurance Company. 

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